Vacation! LOL!
Well.... sort of. It was a lot of work really, but still I try to have a little fun wherever possible. But you are right, I was almost completely unable to watch the markets all week.
About the only thing I did see happened late in the day on Friday. In between things I happened to see RIMM trading for a bit. I watched for about 5 minutes or so, and the thing took a spectacular nosedive at around 2:30 ET. It dropped about 3% over 5 minutes. There was no specific news, just some grumblings from one of the analysts about wireless inventories. RIMM is somewhat volatile, but not that volatile. Then there was this huge surge of volume and a reversal candle, as the volume sank back down, and a bullish candle started forming. Well, not much of a plan there, but RIMM has been good to me on several occasions, and I just couldn't resist nibbling at that juicy bait. As it turned out, RIMM rallied from there into the close after retesting that intraday support again (and finding buyers there again). But on the daily chart, there was a huge surge of volume about a week ago when they tried to take it down below 80, and all they found there was a wall of buyers. So, I think I'll probably keep this one for a while. Looks to me like there's some elephants pushing this thing.
Glancing through a few things, I see a few juicy looking long charts out there.... not everything is overbought, and there's some that look pretty coiled. Times like this, I think it is a good idea to try to find sectors that might be standing in the on deck circle, waiting for their turn at the plate....
T |
